#Upbit is investigated for KYC violations.#
Hot Topic Overview
Overview
The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) in South Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The meeting will focus on the violation of customer identification (KYC) obligations discovered during a recent on-site inspection. According to sources, the FIU found approximately 500,000 to 600,000 suspected KYC violations during the inspection of Upbit in August last year. This includes cases where customers were able to open accounts despite submitting blurry or unclear identification information. The outcome of the review could lead to disciplinary actions against Upbit employees and a determination of the fine amount. It may also impact the renewal process for Upbit's Virtual Asset Service Provider (VASP) registration.
Ace Hot Topic Analysis
Analysis
The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea will hold a sanctions review committee meeting on January 21st regarding Upbit. The meeting will focus on the violation of Know Your Customer (KYC) obligations found during an on-site inspection of Upbit last August. The FIU inspection reportedly found approximately 500,000 to 600,000 suspected KYC violations at Upbit, including cases where customers were able to open accounts despite submitting blurry identification documents. The review will determine the disciplinary actions and fines for Upbit employees, with a particular focus on whether the KYC violations are related to money laundering activities. The outcome of the review will affect Upbit's Virtual Asset Service Provider (VASP) registration renewal process, which was originally scheduled to be completed in October last year but has been delayed due to this issue. Industry experts anticipate that the registration renewal process for virtual asset service providers will gradually progress following the outcome of the sanctions review.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Upbit is suspected of violating KYC regulations, and the Korean FIU will hold a sanctions review committee on January 21.
The review results may involve disciplinary action against Upbit employees and the determination of the amount of fines.
This review mainly concerns KYC obligation violations discovered by the FIU during its on-site inspection of Upbit last August.
The FIU inspection found approximately 500,000 to 600,000 suspected KYC violation cases, including instances where customers submitted blurry ID information but still completed account opening.